1. Field of the Invention
This invention relates to systems and procedures for transferring currency.
More particularly, the invention relates to a currency transfer system which does not require the generation of unique personal identification numbers during a transfer of currency, which eliminates the necessity of transmitting PIN numbers and other security codes between a host computer and the sender of currency, and which does not require the recipient of the funds to enter in an ATM the amount of currency being transferred to the recipient.
2. Description of the Prior Art
Currency transfer systems are well known in the art. For example, U.S. Pat. No. 5,350,906 to Brody et al. discloses a currency transfer system in which a sender inserts at an ATM a temporary ATM card to deposit money which can be transferred to an intended recipient. U.S. Pat. No. 5,326,906 discloses a system in which a sender deposits an amount of currency, after which the system creates a unique identification number associated with the currency that is deposited. The unique identification number can be utilized to later withdraw the deposited currency. U.S. Pat. No. 5,650,604 discloses a currency transfer system in which a sender designates at a terminal (i.e., at an ATM, a telephone, a personal computer, etc.) both a security code and the amount of currency to be transferred. On receipt of this information from the terminal, a host computer generates and transmits to the terminal a unique personal identification number. The sender provides the intended recipient (usually by telephone) the amount of currency being transferred, the security code, and the unique personal identification number. The intended recipient then goes to a dispensing ATM and enters the amount of currency being transferred, the security code, and the unique personal identification number. The host computer receives this information from the dispensing ATM and directs the dispensing ATM to dispense the currency to the intended recipient. While the foregoing prior art systems each have their advantages, their are several disadvantages associated with the systems, especially when a sender wishes to present cash for transfer. First, many prior art systems are tailored to a sender who has a bank account or credit card account. In many instances, individuals prefer simply offering cash to performing a transaction associated with a bank or credit card account. In view of the large debt owed various credit card companies, it is, in fact, a primary object of the invention to facilitate cash transfers to reduce the likelihood that a consumer will rely on or have to carry a credit card. Second, when a sender utilizes cash, a bank teller or store clerk often is involved, increasing the likelihood that the transfer will not be correctly documented or carried out. Third, systems which rely on and require the generation of a unique identification code during the transaction are not preferred, particularly when a store clerk is involved. Such a unique identification code may be incorrectly reported by the store clerk to the sender, may be associated with a transaction number entered by the store clerk, may be misappropriated by the store clerk, or may be misplaced by the sender. Fourth, currency transfer systems which require the transmission of security codes, currency amounts, and PIN numbers between computers are not preferred because the transmission of such data, along with the unique identification code generated during the transaction, requires additional transmission time. In addition, the transmission of such information over the Internet is presently not desirable. Fifth, having recipients punch into an ATM the amount of money being received is not preferred because the recipient may not wish for bystanders to be able to see him enter the amount of money he is receiving. Sixth, many cash transfer systems do not facilitate the transfer of currency between countries having different languages.
Accordingly, it would be highly desirable to provide an improved currency transfer system and process which would, while being less susceptible to fraud, not require (1) generation of a unique personal identification code when a sender presented cash for transfer, (2) the transmission of both the unique personal identification code and a PIN number between the sender and the host computer, (3) a sales clerk to generate and view a personal identification code, and (4) a recipient to input the amount of currency being transmitted in order to retrieve the currency from an ATM.
It would also be highly desirable to provide an improved currency transfer system and process which would facilitate the transfer of currency between countries having different languages.
Therefore, it is a principal object of the invention to provide an improved currency transfer system and process.
A further object of the invention is to provide an improved currency transfer system which does not require the generation of unique identification codes during use of the system by a person sending currency to a designated recipient.
Another object of the invention is to provide an improved currency transfer system which does not require the transmission both of security codes and PIN numbers between a host computer and a remote terminal being utilized by a sender of currency, especially when such transmission is over the Internet.
Still a further object of the invention is to provide an improved currency transfer system which, when cash is presented by a sender to a bank teller or store clerk, does not permit the teller or clerk to view a security code critical to retrieval of the currency by the intended recipient of the currency.
Still another object of the invention is to provide an improved currency transfer system which facilitates the transfer of currency by an individual who is temporarily in a country having a language different from the native language of the individual.